Bitcoin (BTC) failed to maintain its momentum near $70,000 over the weekend, falling 2.2% to just above $67,000 in early trading on Tuesday, with all major tokens experiencing declines. BTC fell by 2%, while Ethereum (ETH), TON coin (TON), and Cardano (ADA) all saw declines of around 3%, Ripple (XRP) and BNB Chain coin (BNB) saw slight changes, and Dogecoin (DOGE) fell by nearly 1%.
The CoinDesk 20 (CD20), a liquidity index tracking the largest market cap tokens, fell by 2.1%.
More than $165 million in long positions (i.e., positions betting on price increases) were liquidated in cryptocurrency futures tracking major tokens, indicating a significant increase in leverage. As CoinDesk reported on Monday, leverage surged over the weekend, a trend that has historically preceded market volatility.
Binance announced the launch of the 1000CATUSDT contract.
An official notice released by Binance on October 21 stated that at 12:30 UTC today, Binance Futures will launch the 1000CATUSDT perpetual contract.
According to a press release, users can trade assets on the platform with leverage of up to 75 times. To align with the exchange's goal of expanding into emerging markets and providing more options to customers, trading opportunities for meme tokens based on the BNB chain have been expanded.
According to Coingape, it is noteworthy that, as stated in the announcement, the price movement unit of this asset is set to 0.00001.
The Simon's Cat (CAT) token surged 63% after being listed on the influential exchange Binance's futures, leading the market. Trading volume soared from nearly $80 million on Sunday to over $422 million in the past 24 hours, indicating strong trading demand for one of the largest tokens in the cat-themed token ecosystem.
Simon's Cat memecoin is officially linked to the mainstream Simon's Cat brand and is supported by its IP. The company that holds the Simon's Cat IP, Banijay, had a revenue of $5.8 billion last year. CAT launched in August in partnership with Floki and trading company DWF Labs.
Meanwhile, traders are warning that due to the lack of fundamental catalysts, the stock market will show range-bound fluctuations in the coming week. BTC and ETH have not yet broken through July highs, but are approaching key resistance levels of 70k and 2800. Breaking through these levels could attract significant retail interest,” QCP Capital, based in Singapore, stated in a Telegram broadcast.
However, due to the lack of major catalysts this week, we expect cryptocurrencies to fluctuate around these levels, trying to break through higher levels. In terms of macro data, we only have the PMI data on Thursday (October 24) to look for some assurance to determine whether the Fed will continue to cut rates, QCP Capital wrote.
